Saudi Minister Begins Official Visit to the US

Riyadh, September 23, 2024 — Minister of Industry and Mineral Resources Bandar Alkhorayef today began an official visit to the United States aimed at bolstering industry and mining cooperation, strengthening bilateral ties, attracting investment to the Kingdom, and exploring opportunities in key industrial sectors, notably aviation and space.

Context and Background

The visit, running until September 28, underscores Saudi Arabia’s commitment to deepening its strategic partnership with the United States and advancing its industrial and mining capabilities under Vision 2030. Minister Alkhorayef will travel to New York, California, and Nevada, meeting with government officials and CEOs of prominent American companies to discuss knowledge transfer, innovation, advanced manufacturing technologies, and smart mining solutions.

Saudi Arabia maintains robust economic ties with the US, with total non-oil Saudi exports to the US amounting to SAR10.08 billion in 2023, and total non-oil imports to the Kingdom valued at SAR67.61 billion. Key exports include chemical products, basic metals, aircraft and ship components, and transport equipment, while significant American imports comprise nuclear reactors, railway locomotives, optical instruments, electrical machinery, and pharmaceutical products.

Key Details

Minister Alkhorayef will begin his visit in New York, where he will meet with industry ministers and global leaders in industrial transformation at an event organized by the Kingdom in collaboration with the United Nations Industrial Development Organization (UNIDO). The event aims to garner support for hosting the 21st session of the UNIDO General Conference in Riyadh in 2025 and the Multilateral Industrial Policy Forum (MIPF) in October this year, strengthen ties between the Kingdom and UNIDO, and develop innovative industrial solutions and policies that bolster regional and global industrial development.

The itinerary includes a tour of the New York Stock Exchange and a visit to Columbia University, where he will engage with faculty and students. He will then travel to Las Vegas, Nevada, to attend MINExpo, the world’s premier mining exhibition, where he will meet with representatives of leading mining companies and explore cutting-edge technologies. The Ministry of Industry and Mineral Resources will participate in the exhibition, organized by the National Mining Association (NMA).

In Los Angeles, California, Alkhorayef will attend a roundtable meeting with heads of major US companies to discuss promising industrial sectors outlined in the National Industrial Strategy, the opportunities they present, and the potential and incentives granted by the Kingdom to foreign investors. Bilateral meetings with private sector leaders are also scheduled. He will visit renowned companies in advanced industries, including JetZero, a California-based aviation enterprise, to explore collaboration in the aviation industry, and SpaceX, a leader in space exploration technologies. Additionally, he will meet with Saudi students pursuing studies in the US.

Implications and Impact

This visit is expected to strengthen economic ties between Saudi Arabia and the United States, attract foreign investment, and facilitate knowledge transfer in strategic sectors. It aligns with the Kingdom’s efforts to diversify its economy, develop advanced industries, and position itself as a global hub for mining and industrial innovation. The engagement with UNIDO and participation in MINExpo highlight Saudi Arabia’s growing role in shaping international industrial policies and its commitment to sustainable development.

Vision 2030 Alignment

Minister Alkhorayef’s visit directly supports Vision 2030’s goals of economic diversification, industrial development, and international collaboration. By fostering partnerships with leading US companies and institutions, Saudi Arabia aims to enhance its industrial base, create jobs, and drive innovation, contributing to a prosperous and sustainable future.

20 Questions

Q1. Who is leading the official visit to the United States?

A1. Minister of Industry and Mineral Resources Bandar Alkhorayef is leading the visit, which aims to strengthen cooperation in industry and mining between Saudi Arabia and the US.

Q2. What is the main purpose of Minister Alkhorayef’s visit to the US?

A2. The visit seeks to bolster industry and mining cooperation, attract investments to the Kingdom, and explore opportunities in key sectors like aviation and space.

Q3. Which US states will Minister Alkhorayef visit?

A3. He will travel to New York, California, and Nevada during his visit from September 23 to September 28, 2024.

Q4. What event is being organized in collaboration with UNIDO?

A4. An event in New York organized by Saudi Arabia and UNIDO aims to garner support for hosting the 21st UNIDO General Conference in Riyadh in 2025 and the Multilateral Industrial Policy Forum.

Q5. What is the significance of the UNIDO event?

A5. It strengthens ties between Saudi Arabia and UNIDO, and develops innovative industrial solutions and policies that bolster regional and global industrial development.

Q6. Which stock exchange will the minister tour?

A6. Minister Alkhorayef will tour the New York Stock Exchange, the largest stock exchange market in the US, to gain insights into global financial markets.

Q7. Where will he engage with faculty and students?

A7. He will visit Columbia University in New York to engage with faculty members and students, fostering academic and research collaboration.

Q8. What is MINExpo and where is it held?

A8. MINExpo is the world’s premier mining exhibition, held in Las Vegas, Nevada, where the minister will explore cutting-edge mining technologies.

Q9. Which organization organizes MINExpo?

A9. The National Mining Association (NMA) organizes MINExpo, and the Ministry of Industry and Mineral Resources will participate in the exhibition.

Q10. What roundtable meeting will Minister Alkhorayef attend in Los Angeles?

A10. He will attend a roundtable with heads of major US companies to discuss promising industrial sectors outlined in the National Industrial Strategy and incentives for foreign investors.

Q11. Which aviation company will the minister visit?

A11. He will visit JetZero, a California-based aviation enterprise, to explore collaboration in the aviation industry and advanced manufacturing.

Q12. Which space exploration company will he visit?

A12. He will visit SpaceX, a leading entity in space exploration technologies, to discuss potential cooperation in space-related industries.

Q13. Will the minister meet with Saudi students in the US?

A13. Yes, his agenda includes meetings with a cohort of Saudi students pursuing studies in the United States, supporting their academic and professional development.

Q14. What are the key exports from Saudi Arabia to the US?

A14. Key exports include chemical products, basic metals and their derivatives, aircraft and ship components, and transport equipment, reflecting the robust economic ties.

Q15. What are the significant American imports to Saudi Arabia?

A15. Significant imports comprise nuclear reactors, railway locomotives, optical instruments, electrical machinery and equipment, and pharmaceutical products.

Q16. What was the value of non-oil Saudi exports to the US in 2023?

A16. Total non-oil Saudi exports to the US amounted to SAR10.08 billion in 2023, demonstrating strong bilateral trade relations.

Q17. What was the value of non-oil imports from the US to Saudi Arabia in 2023?

A17. Total non-oil imports to the Kingdom from the US were valued at SAR67.61 billion in 2023.

Q18. How does this visit align with Vision 2030?

A18. It supports economic diversification, industrial development, and international collaboration, key pillars of Vision 2030 aimed at transforming Saudi Arabia’s economy.

Q19. What is the Multilateral Industrial Policy Forum (MIPF)?

A19. MIPF is a forum to be held in October this year, aiming to develop innovative industrial solutions and policies for regional and global industrial development.

Q20. What sectors are highlighted in the National Industrial Strategy?

A20. The strategy highlights promising industrial sectors that offer opportunities for foreign investors, as discussed in the roundtable meeting in Los Angeles.

---